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10/18/2019, 12:59 PM (Source: TeleTrader)
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Schlumberger posts loss per share of $8.22 in Q3

Schlumberger Ltd. announced on Friday that it recorded a loss per share of $8.22 in the quarter ending September 30, down from earnings of $0.46 per share in the same period a year ago. Total revenue remained virtually the same on an annual basis, at $8.54 billion.

After booking a net income of $644 million in the third quarter last year, the oilfield operator lost $11.38 billion in the last reported quarter. North America revenue contracted by 11% annually, while international revenue added 8%, both excluding Cameron International Corp.

"Sequential international growth was led by the Europe/CIS/Africa area, where revenue increased 9% sequentially driven by peak summer activity in the Northern Hemisphere as well as the start of new projects in Africa. International revenue was also driven by double-digit growth in Asia," noted CEO Olivier Le Peuch.

Stocks were up by 1.76% in premarket trade at 7:05 am ET, shortly after financial results came out.

Breaking the News / NI